J.M. BHATIA, APPELLATE ASSISTANT COMMISSIONER OF WEALTH TAX vs J.M. SHAH

The Supreme Court held that the Assistant Appellate Commissioner's (AAC) order dated June 26, 1970, regarding the exclusion of jewellery from wealth tax assessment was not final, as it could be modified under Section 35(7) of the Wealth Tax Act, 1957. The Court clarified that the amendment made to Section 5(1)(viii) retrospectively did not affect the AAC's power to rectify the original order, as the rectification was initiated within the permissible four-year period. Consequently, the Court restored the AAC's rectification order dated February 22, 1972, which withdrew the exemption on jewellery and ornaments.